New York, USA, Aug. 02, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global biohazard bags market is anticipated to rise at a stunning CAGR of 6.38%, thereby garnering a revenue of $679.1 million in the 2022-2030 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the biohazard bags market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2030. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Increasing volume of medical waste is anticipated to be the primary growth driver of the biohazard bags market in the forecast period. Additionally, growing awareness among people regarding the need to maintain cleanliness and importance of sanitation is predicted to boost the growth rate of the market further.
Opportunities: Expanding global healthcare sector is expected to offer numerous growth and investment opportunities to the market in the coming period. Also, the need for a proper disposal mechanism is anticipated to push the market forward.
Restraints: However, despite the various growth drivers and growth opportunities, lack of knowledge about biohazard bags is predicted to be a major restraint in the full-fledged growth of the biohazard bags market.
Avail the PDF Sample of Biohazard Bags Market (Including Tables, TOC, and Figures)
Impact of Covid-19 on the Market
The Covid-19 pandemic had been disastrous, to say the least. It had severely impacted industries across all sectors of the economy, mainly due to the strict lockdown in various countries. The biohazard bags market, however, experienced a positive impact of the pandemic. The Covid-19 disaster led to an increase in demand for biohazard bags in order to dispose off the huge volume of medical waste that was generated due to exponential rise in hospitalizations.
Segments of the Market
The report has fragmented the biohazard bags market into certain segments based on capacity type, material type, end-use, and region.
Capacity Type: Less Than 15 Gallon Sub-segment to Witness Substantial Growth
By capacity type, the less than 15 gallon sub-segment is expected to grow rapidly and garner a substantial revenue of $552.7 million by 2030. The wide usage of less than 15 gallon biohazard bags in hospitals, pathological laboratories, medical facilities, etc. is expected to be the main factor behind the growth of this sub-segment.
Why Post COVID-19 has Hugh Demand for Biohazard Bags Market? Get in touch with an Expert Analyst
Material Type: Polypropylene Sub-segment to be the Most Lucrative
By material type, the polypropylene sub-segment is expected to have a lucrative growth and gather a revenue of $175 million by 2030. Wide usage of polypropylene plastic polymer for manufacturing of biohazard bags is expected to be the primary growth driver of the sub-segment.
End-Use: Hospitals, Clinics, and Diagnostics Sub-Segment to be the Most Profitable
By end-use, the hospitals, clinics, & diagnostic lab sub-segment is expected to grow massively in the 2022-2030 timeframe and garner $442.8 million by 2030. Hospitals, pathological and diagnostic labs, clinics, etc. have been the biggest generators of biomedical waste, especially due to the Covid-19 pandemic, which is expected to help this sub-segment grow in the forecast period.
Region: Market in North America Region to be Highly Dominant
By regional analysis, the biohazard bags market in the North America region is predicted to witness substantial growth and rise with a CAGR of 5.89% by 2030. Significant investments made by key market players of the industry and growing awareness to dispose of medical waste by using biohazard bags are the two important factors which are expected to push the market in this region.
Prominent Market Players
Some leading market players of the biohazard bags market are
- Transcendia
- International Plastics Inc.
- Abdos Labtech Private Limited
- Daniels Health
- SP Bel-Art
- VEOLIA
- BioMedical Waste Solutions
- LLC.
- Thermo Fisher Scientific
- Stericycle
- MiniGrip
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in December 2020, Spartech, a leading packaging plastics manufacturer, announced the acquisition of Tufpak, a manufacturer of biohazard bags, biopharma packaging, and medical devices. This acquisition will immensely help Spartech in the long run as it will be able to cater to the demands of various healthcare sector stakeholders in a more direct way.
Finally, the Research Dive report also summarizes many crucial aspects of the biohazard bags market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio. Buy the Full Report here starting at $2999 (Read-Only)
More about Biohazard Bags Market:
- What is the Importance of Using a Biohazard Bag?
- What are the Types of Biohazard Bags and How to Handle Them?
- Global Biohazard Bags Market to Perceive Widespread Growth with Growing Generation of Biohazardous Medical Wastes
